Vancouver, British Columbia--(Newsfile Corp. - October 31, 2014) - Palo Duro Energy Inc. (NEX: PDE.H) ("Palo Duro" or the "Company") is pleased to announce the results of its annual general and special meeting of shareholders (the "Meeting").

At the Meeting, amongst other things, shareholders approved special resolutions relating to the continuance of the Company into British Columbia and authorizing the directors to change of name of the Company, and approved an ordinary resolution relating to the Company's stock option plan.

As announced in the Company's' October 17, 2014 news release, on the closing of the proposed transaction with CarbonOne Technologies Inc. the Company's board of directors is to be reconstituted to consist of six directors. In order to accommodate this reconstitution and to avoid the cost of an additional shareholder meeting, the shareholders approved a resolution setting the number of directors at five and the elected Kurt J. Bordian, Michael Vint, Andrew Stibbs, Murray Flanigan and Eileen Au as directors.

Information about all of the directors is available on the Company's website, www.paloduro.ca.

PALO DURO ENERGY INC.

Per: "Kurt Bordian"
         President and CEO

For further information please contact:
Investor Relations: 778-373-3740
Email: info@paloduro.ca

The TSX Venture Exchange has neither approved nor disapproved the contents of this press release.